IEA: Return Of Iran Sanctions Could Impact Oil Market Balance

The restoration of sanctions on Iran—the world’s fifth-largest oil exporter—may have implications for the market balance, the International Energy Agency (IEA) said in a statement on Wednesday, adding that it is closely following the situation. “In recent months, oil market dynamics have been shaped by strong growth in demand, compliance by countries party to the Vienna agreement to cut output, and the crisis in Venezuela, leading to tighter overall market conditions. The restoration of sanctions on Iran, which exports 2.5 million barrels of oil a day and is the world’s fifth-largest exporter, may have implications for the market balance,” the IEA said in its brief statement today. On Tuesday, U.S. President Donald Trump withdrew the United States from the Iran nuclear deal. “The re-imposed sanctions will target critical sectors of Iran’s economy, such as its energy, petrochemical, and financial sectors. Those doing business in Iran will be provided a […]